DRILLING STARTS ON THE 'FORGOTTEN DELTA' ... NEW GAS BOOM?
VANCOUVER, British Columbia, June 28 /PRNewswire/-- Just about the nearest equivalent to a sure-thing in energy exploration is a deep sedimentary river basin, holding the deposits of tens of millions of years of river run-off. Every one of the world's explored deep river basins have always contained commercial quantities of oil and/or natural gas. From the Niger River in Nigeria ... to the Orinoco in Venezuela ... to the Mississippi, there has never been an exception. In North America, there are only two deep basins still to be explored: The Yukon in Alaska, which is tied up in Native land claims, and likely won't be open until the next century. The other river is the Fraser, with the 16th largest sedimentary river basin on earth, measuring 30 by 80 miles. It empties into the Pacific just a few miles south of here, and is one of the oldest rivers on earth, going back 55 million years to the age of the dinosaurs. Why has the Fraser been called the "Forgotten Delta?" Because it was always thought to be a new river .. therefore the river basin had to be shallow ... therefore it had to contain little oil or gas .... therefore it wasn't worth exploring. Faulty premise. In fact, research by a local oil company, Dynamic Oil Limited (NASDAQ: DYOLF), has proven the opposite. The Fraser has a sedimentary level close to 30,000 feet deep, and is deep as Mount Everest is high. Which is why the secrecy of the "Forgotten Delta" is about to be lifted. In mid-July, a partnership of Dynamic Oil Limited, Conoco Canada Ltd., and Stateside Energy Ltd. will begin drilling two 10,000 foot wells near the mouth of the Fraser River. According to industry sources, this could be North America's next great natural gas discovery, and trigger a natural gas boom in the Pacific northwest. "I can't think of another place on the continent where a potential major natural gas discovery is situated so close to its market," according to Wayne Babcock, president of Dynamic Oil. "Our two exploratory wells are only about 10 miles from Vancouver, and four miles from existing pipelines." For Vancouver's 1.8 million people, finding local natural gas would offer a strong economic boost. The region consumes nearly 100 billion cubic feet of gas a year, which is brought 800 miles by pipeline from northern British Columbia. Transportation costs are roughly the same as the cost of the gas itself, and the winter shortages can be chronic. Natural gas from the Fraser Basin would also be available for the Pacific northwest area, including Seattle ad Portland. Dynamic Oil and its partners expect to finish their drilling by this October. -0- 6/28/93 /CONTACT: Wayne J. Babcock, president; Troy Winsor, investor relations; Michael Bardell, controller; or Donald Umbach, vice president of Dynamic Oil Limited, 604-266-3318 or toll free (in U.S.): 800-663- 8072, or (fax) 604-266-0751/ (DYOLF)
CO: Dynamic Oil Limited ST: IN: OIL SU: DSC
MP-TS -- NY001 -- 6093 06/28/93 08:36 EDT
|Printer friendly Cite/link Email Feedback|
|Date:||Jun 28, 1993|
|Previous Article:||SPECTRUM AND TEXAS INSTRUMENTS LAUNCH NEW MULTIMEDIA DEVELOPMENT EFFORT|
|Next Article:||APPLE USA INKS AGREEMENT WITH NATIONSCREDIT|